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The company said that about 350 jobs at the Lexington facility will be eliminated over the next two to three months. Operations from that plant will be consolidated in Robbinsville.
The company said it plans to retain a warehousing facility with about 20 workers at a separate location in Lexington. Stanley said it also is eliminating two executive positions, vice president of purchasing and vice president of human resources. Additionally, the company is offering early retirement packages for qualified salaried employees.
Stanley said it expects the consolidation to be finished by the end of the year and result in pretax restructuring and impairment charges of $6 million to $8 million in the second half of 2008.
Shares of Stanley fell 77 cents, or 7.9 percent, to close at $9. The stock, which earlier set a 52-week low of $8.65, has ranged from $9.30 to $22.25 over the past year.
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Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .
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